Today, Snap announced that Imran Khan, its chief strategy officer of three years, has decided to step down from his position in the company.
He is the most recent senior member of the circle of Evan Spiegel, the Chief Executive Officer of Snap, to exit as the social-media firms face challenges with increasing the number of its users after a poorly received redesign of its app.
Last week, Khan informed Snap that he would be resigning from Snap to pursue other opportunities. The filing to the US Securities and Exchange Commission revealed that his departure was not because of any disagreement with the firm.
His last day in the company is yet to be confirmed. However, the firm said that he will stay in his role in order to help with the transferral of his responsibilities and role to his successor.
Spiegel stated: “Imran has been a great partner building our business.”
He added: “We appreciate all of his hard work and wish him the best.”
Khan stated: “There is never a perfect time to say goodbye, but we have a stellar leadership team in place to guide Snap through the next chapter, and I plan to stay on to ensure a very smooth transition.”
The shares of Snap fell by one percent as the markets opened on Wall Street after the announcement.
Prior to joining Snap, Khan worked as an investment banker for Credit Suisse, where he had a hand in the blockbuster initial public offering of Alibaba in 2014.
Khan is leaving the company in order to establish an investment company that is focused on helping startups grow. According to a person who is familiar with the matter, he will initially finance that company with his own capital. The source says that the firm is expected to be based in Los Angeles and is planning to make majority and minority investments in technology firms.
During its most recent quarterly results, Snap reported lower than expected revenue guidance as the daily users on its platform dropped to 188 million.